The markets continued their downward trend, for the third day this week, even after a positive start to the trading session. No major news spurred this afternoon’s selloff, just continued economic concern. The Dow Jones lost 135 points, while the Nasdaq slipped almost 2%. Despite the negativity about Europe, national economic news was more positive: the number of foreclosures has fallen, and jobless claims have fallen to a seven-month low. In corporate news, Internet company Yelp has filed for a $100 million IPO, and shares of JM Smucker (SJM) slipped both due to missed expectations, and today’s announced peanut butter recall. Oil prices tumbled 4% on economic concerns.

Word on the Street

  • Fear of contagion continued to weigh heavily on investors, contributing to today’s losses.
  • Foreclosures have lessened, but the crisis is only about halfway over.
  • A continued decline in jobless claims indicates slow but gradual improvement in the labor market.
  • Internet site Yelp has announced today that they filed for a $100 million IPO.
  • JM Smucker (SJM) investors were hit with two pieces of bad news: disappointing earnings, and a peanut butter recall.

Interesting Tidbits

  • $75,000 CAN Buy Happiness.
  • The power of branding – is it a myth?

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